In a recent networking event hosted by the All India Association of Industries (AIAI) and World Trade Center (WTC) Mumbai, Australian and Indian business leaders and government representatives emphasized the growing importance of a comprehensive free trade agreement (FTA) to unlock the full potential of India-Australia economic relations.
Speaking at the session, Mr. Yann Sinclair, Vice Consul at the Australian Consulate General in Mumbai, highlighted India’s strategic and economic significance to Australia. He introduced the ‘New Roadmap for Australia’s Economic Engagement with India’, a dedicated strategy aimed at strengthening bilateral trade and investment. “Government-led initiatives are vital, but active engagement from the private sector, supported by forums like AIAI and WTC Mumbai, is equally essential to facilitate meaningful partnerships,” he noted.
Echoing these views, Ms. Rupa Naik, Executive Director of WTC Mumbai, underscored the success of the India-Australia Economic Cooperation and Trade Agreement (ECTA), now in its third year. “Since ECTA’s implementation, bilateral trade has surged from USD 10.7 billion in 2020 to USD 22.4 billion in 2024. However, there’s still considerable untapped potential. Accelerating negotiations for a comprehensive trade agreement is crucial for realizing the full scope of this partnership,” she said.
Mr. Raman Bhalla, President of the Sydney Investors, Professionals and Business Network Inc., pointed to shifting global trade patterns, noting that while Australia currently does USD 40 billion in business with India, it trades ten times that amount with China. He emphasized the need to diversify into defence, agribusiness, minerals, renewable energy, and food & beverage sectors. “It’s time to move beyond traditional cultural ties and tap into broader commercial opportunities. Private businesses must now take initiative,” he asserted, also inviting stakeholders to participate in CAP Tech 2025 in Sydney for greater collaboration.
Adding a geopolitical dimension, Ms. Malini Dutt, Trade and Investment Commissioner – India, Investment NSW, noted the importance of expanding partnerships amid rising global uncertainties. She stressed that although India is not yet among the top 10 trading partners for New South Wales, the existing diplomatic foundation through ECTA provides a strong platform to deepen commercial ties. “A full-scale FTA would be a natural and strategic progression for our growing relationship,” she said, highlighting the significance of ECTA as only the second trade agreement India has signed with a developed country in decades.
Ms. Dimple Merchant, Committee Member and Regional Coordinator at the ANZ India Business Chamber, emphasized the importance of a trilateral partnership between India, Australia, and New Zealand. She pointed to India’s growing prominence in the Indo-Pacific and its global role in R&D, manufacturing, and skilled services. “Together, these nations form a dynamic economic belt that can drive inclusive growth. Our Chamber provides a balanced forum for Indo-Australian collaboration with equal representation,” she added.
The networking session was attended by representatives from startups, MSMEs, industry stakeholders, and business associations. Ms. Sangeeta Jain, Senior Director at AIAI, concluded the event with a vote of thanks, affirming the collective ambition to take India-Australia trade relations to the next level.
